SEC backs expanded campaign-contribution disclosure by muni dealers

The Securities and Exchange Commission has backed the Municipal Securities Rulemaking Board's proposal to ramp up required disclosures of bond-ballet measure campaign contributions by municipal securities dealers. "Even the appearance of pay-to-play in the municipal bond market can undermine public confidence," said Lynnette Kelly, executive director at MSRB. "Requiring more disclosure about dealers' bond-ballot contributions will shine light on potential connections between dealers' financial contributions and the awarding of bond business."